00:00Any reduction in tariffs is welcome.
00:02They're a restraint on trade.
00:04The UK economy needs all the help it can get at the moment.
00:07But in our view, it really doesn't go very far.
00:11There's a lot more work to do.
00:13Of course, it's good news for automakers.
00:15We make fantastic cars, anything that can help exports to the United States.
00:19There's huge parts of the economy that aren't covered.
00:22This is not the comprehensive trade agreement that we were promised.
00:25It's not historic. It's not great.
00:26It's good in some sectors, but it leaves the vast majority of the economy exposed to 10% tariffs.
00:33It doesn't even talk about financial services, one of our biggest exports.
00:36There's nothing about mutual recognition, really not much clarity for pharmaceuticals,
00:41nothing in there about film and TV industry.
00:44So it's what isn't in this deal.
00:46It's a Diet Coke deal. It's not full fat.
00:49It hasn't got all the right products in it.
00:51The best that could be said is that it's a start and that the government can carry on now
00:56and seek to negotiate the deal that we were doing, the comprehensive free trade agreement.
01:02That's what needs to be done.
01:04They shouldn't really be sort of high-fiving themselves for merely leaving tariffs
01:08that are higher level than they were two months ago.
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